Tag: Management is an Intangible

What is The Process of Management? Management refers to the Processes of planning, organizing, staffing, directing, and controlling. Management is also used as a body of knowledge, a practice, and a discipline. Definition of Management According to George R. Terry, “Management is a distinct process consisting of planning, organizing, actuating, and controlling, performed to determine and accomplish state;] objectives by the use of human beings and other resources.” According to Harold Koontz, "To manage is to forecast and to plan, to organize, to command, to coordinate and to control." According to Henri Fayol, "Management is the art of getting things done through and with people in formally organized groups." Elements of Management 1. Management is a continuous process.2. This process includes planning, organizing, staffing, directing and controlling.3. It utilizes both human and other resources.4. It is followed in order to accomplish predetermined objectives. Characteristics of Management Management is Organised Work Management is a process of organized activities of people working towards some purpose. The functions and activities of the manager lead to the achievement of organizational goals. Example, if the objective of a company is to sell 10,000 mobile phones then the manager will take the action, motivate all the employees and organize all the resources keeping in mind the main target of sell 10,000 mobile phones. Management is a Science & an art Management is Science because of several reasons like - it is universally accepted, it has cause and effect relationship etc, and at the same time it is art because Management requires perfection through practice, practical knowledge, creativity, personal skills etc. Management is an activity Management is an activity which includes the effective utilization of human & machine resources for maximizing productions of the product. Management needs to complete the daily tasks of the organization to achieve the goal of the organization. Management is universal If we look at management as a process, it is universal and applicable to all types of organizations. These may be economic, commercial, charitable, religious or political organizations. Example: If there is a charitable, works in the education sector. Charitable needs effective management to run in a systematic way. Management is an Intangible Management is intangible in that it is a force which is invisible. Its presence is felt in the form of results, such as increased productivity, informed decisions, and increased the morale of employees. Management cannot be seen or feel.it helps the organization to achieve its goals. Management is a Social process The human factor is most important among the other factors in management because it deals with people. It is the duty of management to make close co-operation among employees in an organization. The manager has to look after the interest of all the related organizations, employees and many more. Management as a Guidance The main task of the management is to maximize the utilization of resources and materials to get higher results. Through optimum utilization of resources, Management has to ensure that the objectives are attained. The basic component of the management is that it completes the work by organizing the individuals who really perform diverse and specific jobs. Management as a Career As a career or occupation, management is a broad concept- Management itself can be regarded as a career, there is a lot of scope in Management now and its depend on the interest of people. You can make your career in the fields such as marketing, finance, and personnel. Management is Multidimensional Management does not only include the administration of people, but it also manages work, processes, and operations; (i) Management of Work: Every organization starts to do some work or to solve a set of problem. For example, the school provides educations to the students, Restaurant feeds the people etc.so it cannot be possible without management. (ii) Management of People: To provide high-quality satisfaction to customers. Hence it is necessary to manage the people so that work can be done in the best way. (iii) Management of Operations: Every organization starts to do some work. To achieve the goals of the organization many operations need to complete such as sales, marketing, accounting & etc.management make sure that operations are working efficiently and effectively. Management Helps Established Principles or Rules Management helps to follow established principles or rules to get results in systematic ways or in continuous manners, such as division of work, discipline, the unity of command, etc. These principles help to prevent and solve the problems in the organization. Management as Leadership Management includes leadership because management has to lead a group of people, community or organizations to get the results out of that. it must be capable of motivating and inspiring their confidence. Management is Dynamic in Nature Management is dynamic in nature. That means management is creative and innovative. Any organization can only survive if it is in a dynamic nature. Management should find out new & creative ideas, new products, new feature & many more. Management is Situational in Nature Management makes plans, policies & take decision according to the situation. Management chances as per situations.for example in festivals organization gives a high discount to the customer, so Manager make plans to sell their products more. that is called management in situational. Management is a Group Activity Management is the combination of Teamwork and Leadership where all the team members work together to run an organization in effective ways and all members take complete ownership. Good management can achieve what an individual can not achieve. Example: An organization wants to launch a new product, In this product, the team will design the product, the marketing team will advertise, sales team helps in the sales the product etc. Therefore Management is a group activity. Management Improves Efficiency Management helps the organization to improve the effectiveness and efficiency of work. Because Management provides a systematic approach to work in an organization which helps the employees to improve their effectiveness and efficiency of work. That is why it is considered one of the best characteristic of management. Management Need at All Levels Management need at all level of the organization.From the Board of members to a salesman of the organization because it provides the effectiveness and accountability to the organization. Which helps to improve the productivity of the company, which makes it a multi-disciplinary activity. Management Helps in Analysis At the time of closing, Management helps the organization to analyze the performance. Because management creates an effective approach, with the help of that manager can examine the performance of their employees. Management Helps in Time Management Management helps in time management, it provides high productivity in less time and it helps in removing stress & gives positive energy to the employees. So, that gives new opportunities to the organization as well as employees.

Tag: Management is an Intangible

18 Important Characteristics of Management

About us

Management

Finance

Accountancy

Add CommerceMates to your Homescreen!